Global Biometric ATM Market, By Component (Hardware, Software, Services), Authentication Type (Fingerprint Recognition, Palm Recognition, Iris Recognition, Facial Recognition, Voice Recognition, Others), Deployment (On-premises, Cloud-based), End-user (Banks, Financial Institutions, Retailers, Others) - Industry Trends and Forecast to 2031.
Biometric ATM Market Analysis and Size
The growing concern over fraudulent activities and identity theft has led to an increased demand for biometric ATMs, as they offer advanced security features such as fingerprint recognition, iris scanning, and facial recognition, ensuring secure transactions and reducing the risk of unauthorized access.
Global biometric ATM market was valued at USD 470.5 million in 2023 and is expected to reach USD 3173.1 million by 2031, registering a CAGR of 31.4% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2024-2031
|
|
Base Year
|
2022
|
|
Historic Years
|
2021 (Customizable 2016-2021)
|
|
Quantitative Units
|
Revenue in USD million, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Component (Hardware, Software, Services), Authentication Type (Fingerprint Recognition, , Iris Recognition, Facial Recognition, Voice Recognition, Others), Deployment (On-premises, Cloud-based), End-user (Banks, Financial Institutions, Retailers, Others)
|
|
Countries Covered
|
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa
|
|
Market Players Covered
|
Hitachi Ltd. (Japan), Fujitsu Ltd. (Japan), NEC Corporation (Japan), Diebold Nixdorf, Inc. (U.S.), NCR Corporation (U.S.), Samsung SDS Co., Ltd. (South Korea), Fiserv, Inc. (U.S.), GRGBanking (China), Interswitch Group (Nigeria), Euronet Worldwide, Inc. (U.S.)
|
|
Market Opportunities
|
|
Market Definition
The global biometric ATM market refers to the segment of the financial services industry dedicated to the development, deployment, and utilization of Automated Teller Machines (ATMs) equipped with biometric authentication technologies. These ATMs incorporate various biometric modalities such as fingerprint recognition, palm vein scanning, iris recognition, facial recognition, and voice recognition to verify the identity of users during banking transactions. Biometric ATMs aim to enhance security, reduce fraud, and provide convenient and secure access to banking services for customers by replacing or supplementing traditional authentication methods such as PINs or cards with biometric identifiers.
Global Biometric ATM Market Dynamics
Drivers
- Enhanced Security Features
In response to the escalating threat of fraudulent activities and identity theft, the demand for biometric ATMs continues to surge. These ATMs offer a robust array of security features, including advanced biometric modalities such as fingerprint recognition, iris scanning, and facial recognition. By leveraging these technologies, biometric ATMs ensure highly secure transactions, effectively mitigating the risk of unauthorized access and fraudulent behavior. As a result, financial institutions and customers alike are increasingly gravitating towards biometric ATMs as a trusted solution for enhancing security in banking operations.
- Convenience and Efficiency
Biometric ATMs represent a paradigm shift in the realm of banking by delivering unparalleled convenience and efficiency to users. By eliminating the need for physical cards or memorized PINs, these ATMs streamline the banking experience, enabling users to swiftly access their accounts and conduct transactions using their unique biometric data. This seamless integration of biometric authentication not only enhances the overall customer experience but also drives adoption rates, as customers embrace the simplicity and speed offered by biometric ATM technology.
Opportunity
- Rise in Cashless Transactions
The pervasive trend towards cashless transactions on a global scale presents a compelling opportunity for the biometric ATM market. As digital payment methods and mobile banking apps continue to gain traction, biometric ATMs stand poised to bridge the gap between traditional cash-based transactions and the burgeoning digital banking landscape. By providing secure cash withdrawals and deposits without the reliance on physical ATM cards, biometric ATMs offer a seamless transition towards cashless banking, catering to the evolving preferences of modern consumers while ensuring robust security measures.
Restraint/Challenge
- High Implementation Costs
Despite the myriad benefits offered by biometric ATMs, the market faces a significant restraint in the form of high implementation costs. The integration of biometric authentication systems into existing ATM networks necessitates substantial investments in hardware, software, and infrastructure upgrades. These upfront costs pose a formidable challenge for banks and financial institutions, particularly those with limited budgets or resource constraints. As such, the cost barrier remains a critical consideration for stakeholders evaluating the feasibility and scalability of biometric ATM deployments.
This market, report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global cloud security market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.
Global Biometric ATM Market Scope
The market is segmented on the basis of component, authentication type, deployment, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
The market is segmented on the basis of component, authentication type, deployment, and end-user. On the basis of component, the market is segmented into hardware, software, and services. On the basis of authentication type, the market is segmented into fingerprint recognition, palm recognition, iris recognition, facial recognition, voice recognition, and others. On the basis of deployment, the market is segmented into on-premises, cloud-based. On the basis of end-user, the market is segmented into banks, financial institutions, retailers, and others.
Component
- Hardware
- Software
- Services
Authentication Type
- Fingerprint Recognition
- Palm Recognition
- Iris Recognition
- Facial Recognition
- Voice Recognition
- Others
Deployment
- On-premises
- Cloud-based
End-user
- Banks
- Financial Institutions
- Retailers
- Others
Global Biometric ATM Market Regional Analysis/Insights
The market is segmented on the basis of type, application & sales channel as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., Israel, Egypt, South Africa, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
Asia-Pacific is dominating and the fastest-growing region in the biometric ATM market due to several factors, including its robust banking infrastructure, high adoption of advanced technologies, significant investments in cybersecurity, and presence of leading ATM manufacturers and financial service providers.
The country section of the market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the global data.
Competitive Landscape and Global Biometric ATM Market Share Analysis
Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the global biometric ATM market are:
- Hitachi Ltd. (Japan)
- Fujitsu Ltd. (Japan)
- NEC Corporation (Japan)
- Diebold Nixdorf, Inc. (U.S.)
- NCR Corporation (U.S.)
- Samsung SDS Co., Ltd. (South Korea)
- Fiserv, Inc. (U.S.)
- GRGBanking (China)
- Interswitch Group (Nigeria)
SKU-